ABI: Progress on solvency
Responding to CEIOPs final advice on Solvency II, Peter Vipond, Director of Financial Regulation at the ABI, said:
“There is still much to do to deliver a successful outcome for Solvency II. However, the positive message is that CEIOPS has recognised that some of their original ideas were unsuitable, as insurers across Europe made clear. The challenge remains to shape Solvency II, allowing it to deliver its original aim of prudentially sound firms with consumers’ interest paramount.
“It is pleasing that CEIOPS has recognised that the liquidity premium must be included, although it has restricted this to business-in-force. More progress is needed here and we will continue our efforts to find a suitable solution. The Commission will now produce its implementation proposals at the end of 2010.”
Notes
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